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Rational choice as if the choosers were human

In: Handbook of Behavioural Economics and Smart Decision-Making

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  • Peter J. Boettke
  • Rosolino A. Candela

Abstract

This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.

Suggested Citation

  • Peter J. Boettke & Rosolino A. Candela, 2017. "Rational choice as if the choosers were human," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 4, pages 68-85, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15532_4
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    References listed on IDEAS

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    1. Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2015. "Institutional stickiness and the New Development Economics," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 6, pages 123-146, Edward Elgar Publishing.
    2. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-672, June.
    3. -, 1986. "Agenda = Agenda," Series Históricas 8749, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. von Mises, Ludwig, 1957. "Theory and History," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 1, number mises1957.
    5. James M. Buchanan, 1997. "post-socialist political economy," Books, Edward Elgar Publishing, number 1307.
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    Cited by:

    1. Peter J. Boettke & Henry A. Thompson, 2022. "Identity and off-diagonals: how permanent winning coalitions destroy democratic governance," Public Choice, Springer, vol. 191(3), pages 483-499, June.

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